Many people I know in this situation are already living in low COL areas. Others have a hard time moving due to family situations/responsibilities. It’s not always simple.
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Yes, but one has to realize when they retire, their first priority is taking care of themselves. Other family members (perhaps more elderly) might rely on them, but unless someone can assist financially with some kind of arrangement.
One may want to live near their grandkids, but if they can’t afford to live in that area…sometimes ‘the kids’ might spring for a trip to see them. Now there also is Skype and other electronic means to keep up with family.
People KNOW what they need to do. It’s just not always possible. I am not necessarily talking about people living near grandkids. I am simply having compassion for those who have situations in their lives which make things difficult.
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One cannot sometimes control various health situations, and then people of course cannot control a lot. One’s life shrinks with aging and disabling conditions. People don’t want to go to skilled care, but some end up being in skilled care with Medicare and Medicaid assistance. It is what it is. Some in their younger years have been difficult to their families, and perhaps don’t have younger friends - and may end up alone and broke, depending on social workers for facility placement due to illness and physical limitations.
Im confused - what does this (health conditions) have to do with the point that @FallGirl is trying to make - that there are plenty of people who simply don’t have the means in a paycheck to do the saving so many here have done over the years.
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I think some people don’t realize how little many people are paid. I remember when I had older S, had I decided to stay home, after he paid only the health insurance premium and our mortgage - a 1960s ranch in a low COL area - we would have had $500 to live on for the month. Our utility bill alone averaged about $200/month. He was a teacher, not a Walmart employee. Obviously I had to work, but I didn’t make much more than he did. And it was hard. Every little doctor visit cost us $150-250 a pop. No wonder I get stressed out every time someone gets sick.
And I know plenty who are also supporting their parents - able bodied parents in their 50s, not elderly - because the parents have not made the best choices. And that’s while trying to raise their families on two incomes that probably gross $60-75K a year.
And I also think so many just don’t understand what it’s like to live in an area where people don’t move. So many people here have been here for generations. Many haven’t been on a plane at all. Many haven’t been further than 4 hours away by car - ever. They don’t have college degrees. It’s a little harder to just pick up and move. You may as well be asking people to move to mars.
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I know how blessed and lucky I am to have been able to afford college for my children and for them to be able to support themselves.
I am so lucky to have found a stable and loving marriage. And to have affordable healthcare insurance.
There were times I didn’t think I would have those things, and I am very aware of those who don’t have the opportunities I have had and my family has.
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Other people have addressed eloquently about many people’s finances. When one gets older, typically more health issues arise - and depending on their coverage with Medicare supplement (or with a Medicare Advantage program) what they have to spend on healthcare.
I have a lot more sympathy for refugees who absolutely have to leave their homes - often no way to go back either. This is the USA; people have the physical ability to live a larger life - which often means moving away at least for a while from hometown area.
People can make a choice to struggle more economically and stay ‘where the heart is’. Yes, some of their kids might be sending some money home each month because they know their family could use it for essentials.
Getting off topic here on talking about “plenty of people who simply don’t have the means in a paycheck to do the saving so many here have done over the years”. We can’t wind the clock back for them to guide these people to see how they can change something to earn a better paycheck, how they can do any savings. I see families with the same income who make different choices to have their money in stretch further, or add supplemental income.
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Sorry, I think this is a really limited view. A view that does not take in account people right here on CC who aren’t going to share their struggles of working since they were a teen to retirement age, living NOT a life of luxury but within means - and still getting to retirement age without the million dollar nest egg - but who wants to admit that amongst the very fortunate?!
Aside from CC if you don’t see that people don’t have the means - financial or otherwise - to pick up and move to try and live a life where they can somehow come out better financially- well, I can’t change your mind.
If we can’t look back on what has already happened what is the point of this thread? If you’re at or near retirement age no one can go back to their 20s or 30s! And many people do not have the example - parents or friends or otherwise - to get them thinking retirement when they are starting out. These are facts. There is an entire population in every state and corner of the country doing the best they can with the resources and knowledge they have. It’s not a fault, it’s just a circumstance of life.
Empathy can’t be found on a form or an excel sheet but by truly looking at the world - not just your circle or community - around you.
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My husband is three months from 65, so he had to register for Medicare. They hide the application on the Social Security site. The entire retirement process - Medicare, SS, etc. is very difficult to navigate. I understand how your average person might struggle to get things done correctly!
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It is why I am going to work with a Medicare specialist when the time comes.
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My friend who has navigated Medicare for her mother, her mother in law, and her sister in law, was asking me questions about Medicare. Well, all of her relatives were in NY, I am in MA, the letters are all different (parts F, G etc.)
You not only need a specialist but one from your state!
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Medicare brokers are there. You might have to search around because they each have their own plans they broker. But they are great sources once you find one you feel confident with.
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I talked to several Medicare brokers before settling on one when H turned 65 last year. They are used to people asking questions but not ultimately ending up using them - there was no hard sell from any of them. I went with a company that only deals with Medicare and has a lot of really informative information available on the internet. The agent had a Zoom meeting with us and shared all of the information in a format that made things easy to understand.
The agent recommended a Part D plan that she doesn’t sell, which impressed me. H had to sign up for that himself, but that was easy. The broker sent reminders when it was time to sign up for Part D again, and this time, H switched to a plan she sells - prices and formularies change annually, so the broker helps with that. There was a mix up on the part of the new company, which started his Part D before the new year. As a result, his current company dropped his coverage because he had new coverage … but that’s not actually allowed to happen. It wouldn’t have mattered except that H had an RSV vaccine during that time period, and we didn’t want to end up getting charged for it due to the mix up. The agent helped with getting it straightened out with the new company, but we had to work with the old company ourselves (since she didn’t sell us that policy). It took me a number of calls to straighten it out. That taught me that having a broker to do the heavy lifting is very helpful!
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its been a while since I applied for medicare and my memory is getting worse with each passing year. But I do NOT recall difficulties with signing up with medicare. I think they sent me a form to fill out. If I am remembering correctly, all I had to do was fill the form out. It wasn’t even a complicated form or I don’t remember if it was.
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the actual on line form was simple - the location on the SocSec site was not obvious!
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For me, signing up for Medicare was pretty easy but it became complex three years later when we signed up ShawD because she was a few quarters shy of being able to get Medicare on her own. I don’t recall exactly what the issue was. But, her Medicare payment has to come from my SS check and not hers. I also wanted to pay Medicare directly, but I think they needed to take it out of my SS check.
I have to wonder about using a broker. I understand it can be extremely helpful, however, it doesn’t sound like it’s free. They do get paid somehow. My sister said (for Medicare Advantage, I believe), that they tack on $30 per month to your premium for the rest of your life. But maybe that’s just the deal she was looking at.
The brokers I spoke with do not charge a premium for their services. (Easy way to check would be to compare their quotes with the price on Medicare.gov’s site.). They get paid by the insurance companies, just like they do with non-Medicare policies. I honestly can’t comment on Advantage plans, because I only shopped for supplements - but I thought that they were paid by commission, not an added fee. Some brokers love to sell Advantage plans because their commission is higher than with supplements. But my BIL sells Medicare policies, and he says that there are often huge headaches involved with trying to help customers who have Advantage plans - he finds it much easier to service supplements.
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As far as how people struggle nowadays and how difficult it is for many to even consider retiring……I honestly don’t know how they do it. I think sometimes we live in a bubble, thinking everyone is in the same situation as those we know, and it’s incredibly different. The salaries for some occupations are so low, I don’t know how people pay the bills, even jobs that require people to be highly trained.
My parents bought their house for 10K when my mom was 19 years old (my dad was 30), while they were working and in college. Now you can’t buy anything nearby for less than a million. Can’t imagine someone so young buying a house in a good neighborhood in Seattle with no family help, who isn’t a highly paid tech worker. Their expenses were very low raising two kids, what a difference from today. And the salaries that their company pays now aren’t proportionally higher than what they were paid, not even close.
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